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Gold, Silver, Platinum Forecasts – Gold Pulls Back After Testing Historic Highs
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Key Points:
- Gold moved away from historic highs as U.S. dollar gained ground against a broad basket of currencies.
- Silver dived as gold/silver ratio moved towards the 88 level.
- Platinum settled near $910 despite the pullback in precious metals markets.
In this article:
Gold
Gold tested historic highs above the $2220 level but lost momentum and pulled back as traders focused on the strong rebound of the U.S. dollar.
In case gold stays below the $2190 level, it will move towards the nearest support, which is located in the $2065 – $2075 range.
Silver
Silver gained strong downside momentum as gold/silver ratio settled near the 88 level.
A move below the support at $24.40 – $24.60 will open the way to the test of the next support level at $23.40 – $23.60.
Platinum
Platinum gained some ground despite the broad pullback in precious metals markets.
If platinum manages to stay above the $910 level, it will move towards the nearest resistance at $925 – $935.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
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